Understanding the numbers of a practice is absolutely critical. People go into healthcare so that they can help their fellow human beings, not because they are fascinated by the math. However, the numbers are critical to running a successful business and if you are not turning profit, you don't stay in business very long.
Dental practice management systems have greatly changed how a practice functions, unfortunately though those systems don't really have a heavy business focus. In order to truly understand the numbers a practice is generating it's necessary to have some type of outside source to provide the numbers that can aid in decision making. Most dentists are trained to provide exceptional care, but dental eduction programs don't have the a business focus. Graduates are well trained to provide dentistry, but are poorly trained to run a business.
The good news is that the industry is now seeing systems that can analyze the numeric data from a practice and provide actionable information with that data. One of those systems is Jarvis Analytics available through Henry Schein One.
Jarvis was previously *only* available for DSOs, but is now available for private dental practices as well. And I am proud to report that within the next couple of weeks, I'll be doing a Test Drive of the system using data from my practice. I should be able to see exactly how well Jarvis handles things as well as being able to see what I can learn from a first hand experience with their data analytics.
You can learn about the system by following this link. If you'd like more info the system as well as the move to private practices, there is a short article at Dental Products Report.
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